Group 1 - The US and EU have reached a new trade agreement imposing a 15% tariff on EU goods exported to the US, with key areas such as steel, aluminum, chips, and spirits still pending agreement [2] - The Chinese government has proposed the establishment of a World Artificial Intelligence Cooperation Organization, with the headquarters tentatively located in Shanghai, aiming to promote global governance and bridge the digital divide [13] - A new seed fund for artificial intelligence in Pudong has been launched, with a total scale of 2 billion yuan, focusing on seed-stage investments in innovative talent and cutting-edge technology [14] Group 2 - The Chinese Capital Market Society has been established to enhance research capabilities in the capital market, focusing on national strategies and regulatory issues [8] - The State Council's Food Safety Office has intensified regulatory efforts on food safety, particularly for infant food and disaster relief supplies, to ensure public health [7] - The Ministry of Agriculture and Rural Affairs, along with nine other departments, has issued a plan to promote agricultural product consumption, emphasizing quality supply and e-commerce advantages [9][10] Group 3 - The charging treasure industry in Shenzhen has responded to a self-discipline initiative to combat vicious competition and reject low-quality battery procurement, with increased government oversight expected [11] - In the stock market, over 10 billion yuan worth of restricted shares will be unlocked this week, with a peak on July 28, involving 54 companies and a total of 3.385 billion shares [24] - Three new stocks are set to be issued this week, including Tianfu Long on the Shanghai main board, Youli Intelligent on the Beijing Stock Exchange, and Guangdong Jianke on the ChiNext board [28]

Group 1: M&A Activity Overview - From July 14 to July 20, there were 77 M&A events involving listed companies, with 27 classified as significant M&A transactions[9] - Out of the total M&A events, 12 were completed, including 1 significant M&A transaction involving Baota Industrial[9] - There were 3 failed M&A attempts by listed companies, specifically by Lixing Co., Hongming Co., and Zhongji Health[15] Group 2: Policy Updates - On July 18, Tianjin's financial authorities released measures to support M&A, focusing on 12 key industrial chains and establishing a resource pool for quality M&A targets[7] - The Shanghai G60 Science and Technology Innovation Group held a summit on July 16 to discuss M&A and overseas expansion in the context of innovation and industry leadership[7] Group 3: Market Performance - During the week of July 14 to July 20, the restructuring index outperformed the Wind All A index by 0.27%[19] - Over a mid-term view, the restructuring index's rolling 20-day return shifted from negative to positive compared to the Wind All A index[19] Group 4: Control Changes - Two listed companies reported changes in actual control during this period, with Shenjian Co. and Hualan Group undergoing ownership transitions[17]

Core Viewpoint - Shanghai Electric Power Co., Ltd. is set to list 199,579,448 shares from a non-public offering, which will become tradable on July 28, 2025, representing 7.09% of the company's total share capital [1][3]. Summary by Sections Non-Public Offering Details - The non-public offering was approved by the China Securities Regulatory Commission, allowing the issuance of up to 199,579,449 new shares [1]. - The shares were registered and custodized on July 27, 2022, with a lock-up period of 36 months for the subscribers [2]. Share Capital Changes - Since the formation of the restricted shares, there have been no changes in the company's share capital due to actions like rights issues or capital increases [2]. Lock-Up Commitments - The controlling shareholder, State Power Investment Corporation, has committed not to transfer or dispose of the shares acquired in the offering for 36 months following the issuance [2][3]. Compliance and Verification - The underwriter, CITIC Securities Co., Ltd., confirmed that the listing of the restricted shares complies with relevant laws and regulations, and that the controlling shareholder has adhered to the lock-up commitments [3]. Listing Details - The total number of restricted shares to be listed is 199,579,448, which will be fully tradable after the lock-up period ends [4]. - The total share capital of the company post-listing will remain at 2,816,743,645 shares, with no changes in the overall structure [5].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 199,579,448股。 本次股票上市流通总数为199,579,448股。 证券代码：600021 证券简称：上海电力 公告编号：2025-069 上海电力股份有限公司 非公开发行限售股上市流通公告 三、本次限售股上市流通的有关承诺 本次股票上市流通日期为2025 年 7 月 28 日。 一、本次限售股上市类型 上海电力股份有限公司（以下简称"公司"或"上海电力"）本次限售股上市 类型为非公开发行的有限售条件流通股。 （一）非公开发行核准情况 2022 年 5 月 30 日，中国证券监督管理委员会出具的《关于核准上海电力股 份有限公司非公开发行股票的批复》（证监许可[2022]1123 号），核准公司非公开 发行不超过 199,579,449 股新股，发生转增股本等情形导致总股本发生变化的， 可相应调整本次发行数量、该批复自核准发行之日起 12 个月内有效。具体内容详 见公司于 2022 年 ...

中信证券股份有限公司 关于上海电力股份有限公司 非公开发行限售股上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为上海 电力股份有限公司（以下简称"上海电力"、"上市公司"、"公司"）持续 督导工作的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》《上海 证券交易所上市公司自律监管指引第 11 号——持续督导》《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》以 及《上海证券交易所股票上市规则（2024 年 4 月修订）》等相关规定，对上 海电力 2022 年度非公开发行 A 股股票限售股上市流通事项进行了审慎核查， 具体核查意见如下： 一、本次限售股上市类型 上海电力股份有限公司（以下简称"公司"或"上海电力"）本次限售股 上市类型为非公开发行的有限售条件流通股。 （一）非公开发行核准情况 2022 年 5 月 30 日，中国证券监督管理委员会出具的《关于核准上海电力 股份有限公司非公开发行股票的批复》（证监许可[2022]1123 号），核准公司 ...

◆本次交易尚未完成交割。 ◆巴基斯坦国家电力监管局（NEPRA）于 2017 年 10 月公布了 KE 公司新多年期 电价机制（MYT）的复议结果，复议结果仍未能达到预期。巴基斯坦政府相关主管部 门就 KE 公司的新 MYT 电价复议结果正式致函 NEPRA，要求其对电价复议结果进行 重新考虑。NEPRA 已公布了"重新考虑"后的 MYT。"重新考虑"后的 MYT 与《股 份买卖协议》中约定的交割先决条件仍有差异，公司正在与交易对方基于"重新考虑" 后的 MYT 开展谈判。本次交易仍存在因电价发生变化而影响标的公司盈利能力的可能， 或将导致本次交易终止的风险。 证券代码：600021 证券简称：上海电力 编号：临 2025-068 上海电力股份有限公司 关于公司重大资产购买交割进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 ◆鉴于本次交易条件一直未能落实，为确认本次交易是否仍具备实施条件，公司 正在组织相关方研究本次交易的相关事宜。 上海电力股份有限公司（以下简称"公司"）于 2016 年 10 月 ...

证券简称：上海电力 证券代码：600021 编号：临 2025- 067 | 债务融资工 | 上海电力股份有限公司2025年 | 债务融资工具 | 25沪电力SCP007 | | --- | --- | --- | --- | | 具名称 | 度第七期超短期融资券 | 简称 | | | 代码 | 012581682 | 债务融资工具 期限 | 51日 | | 计息方式 | 付息固定利率 | 发行总额 | 21亿元/人民币 | | 起息日 | 2025年7月16日 | 兑付日 | 2025年9月5日 | | 发行价格 | 100元/百元 | 票面利率 （年化） | 1.59% | | 承销商 | 招商银行股份有限公司,上海银行股份有限公司 | | | 本期超短期融资券通过簿记建档集中配售的方式在全国银行间债券市场公开发 行，募集资金主要用于偿还到期债券。 特此公告。 上海电力股份有限公司董事会 二〇二五年七月十八日 上海电力股份有限公司 2025 年度 第七期超短期融资券发行结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任 ...

Core Viewpoint - Shanghai Electric's operating performance continues to grow, with a projected net profit increase of 32.18% to 57.27% for the first half of 2025 compared to the previous year [1][2]. Financial Performance - The company expects a net profit attributable to shareholders of between 1.754 billion and 2.087 billion yuan for the first half of 2025, marking a significant year-on-year increase [1][2]. - In 2024, Shanghai Electric achieved an operating income of 42.734 billion yuan, a 0.78% increase year-on-year, and a net profit of 2.046 billion yuan, up 28.46% year-on-year [2]. - For the first quarter of 2025, the company reported an operating income of 10.443 billion yuan, a slight decrease of 1.56% year-on-year, but net profit and non-recurring net profit increased by 30.78% and 27.04%, respectively [2][3]. Operational Efficiency - The company has implemented measures to enhance quality and efficiency, resulting in a decrease in fuel and capital costs [3]. - Shanghai Electric's expense control has shown significant results, with the expense ratio dropping from 16.88% in 2021 to 10.99% in the first quarter of 2025 [3]. - The gross profit margin and net profit margin improved to 25.89% and 14.05%, respectively, in the first quarter of 2025 [3]. Clean Energy Transition - Shanghai Electric is focusing on green transformation and clean energy investments, with clean energy accounting for 61.83% of its installed capacity as of June 2025 [1][4]. - The company aims to complete a total power generation of 79.986 billion kilowatt-hours in 2025, with a total operating income target of 42.982 billion yuan [5]. Generation Capacity and Output - As of June 2025, Shanghai Electric's total installed capacity was 25.8013 million kilowatts, with coal power accounting for 38.17% and renewable sources (wind and solar) making up 47.8% [4][5]. - The company reported a total power generation of 37.848 billion kilowatt-hours in the first half of 2025, a year-on-year increase of 5.48% [5]. Financial Health - Shanghai Electric's debt ratio improved to 69.80% in the first quarter of 2025, down from 71.90% at the end of 2024 [6]. - The company's financial expenses decreased by 25.28% year-on-year to 671 million yuan in the first quarter of 2025 [6]. - The net cash flow from operating activities increased by approximately 47.53% year-on-year to 2.734 billion yuan in the first quarter of 2025 [6].

Group 1 - Aerospace Science and Technology expects a net profit of 68 million to 95 million yuan for the first half of 2025, representing a growth of 1628.83% to 2315.27% compared to the same period last year [1] - Huaxia Airlines anticipates a net profit of 220 million to 290 million yuan for the first half of 2025, an increase of 741.26% to 1008.93% year-on-year [1] - Shida Group forecasts a net loss of 44 million to 65 million yuan for the first half of 2025, marking a shift from profit to loss [1] Group 2 - Jiaao Environmental Protection expects a net loss of 70 million to 90 million yuan for the first half of 2025 [3] - Haima Automobile predicts a net loss of 60 million to 90 million yuan for the first half of 2025, compared to a loss of 152 million yuan in the same period last year [3] - Huaibei Mining anticipates a net profit of approximately 1.027 billion yuan for the first half of 2025, a decrease of about 65% year-on-year [3] Group 3 - Quanfu Automobile expects a net loss of 155 million to 185 million yuan for the first half of 2025 [5] - Gaode Infrared signed a procurement agreement worth 879 million yuan, which is expected to positively impact its operating performance for the year [5] - Zhongchen Co. won a project from Southern Power Grid worth 379 million yuan, representing 12.26% of its audited revenue for 2024 [5] Group 4 - Daheng Technology anticipates a net loss of 406,000 yuan for the first half of 2025, compared to a loss of 988,250 yuan in the same period last year [6] - Dazhongnan expects a net profit of 6.5 million to 8 million yuan for the first half of 2025, a recovery from a loss of 15.325 million yuan last year [6] - Xianfeng Holdings projects a net profit of 34 million to 42 million yuan for the first half of 2025, a year-on-year increase of 524.58% to 671.53% [7] Group 5 - Shuangxiang Co. expects a net profit of 115 million to 150 million yuan for the first half of 2025, a growth of 128.1% to 197.53% year-on-year [8] - ST Xintong anticipates a net loss of 67 million to 97 million yuan for the first half of 2025 [9] - Jishi Media forecasts a net loss of 187 million to 233 million yuan for the first half of 2025 [10] Group 6 - Suli Co. expects a net profit of 72 million to 86 million yuan for the first half of 2025, a year-on-year increase of 1008.39% to 1223.91% [11] - Wanli Co. anticipates a net loss of 19 million yuan for the first half of 2025, compared to a loss of 12.9238 million yuan last year [12] - Langzi Co. projects a net profit of 22 million to 26 million yuan for the first half of 2025, an increase of 31.74% to 55.69% year-on-year [14] Group 7 - Changjiang Securities expects a net profit of 1.652 billion to 1.81 billion yuan for the first half of 2025, a growth of 110% to 130% [15] - Huahong Technology anticipates a net profit of 70 million to 85 million yuan for the first half of 2025, a year-on-year increase of 3047.48% to 3721.94% [16] - Chenhua Co. plans to invest 30 million yuan in financial products with an expected annual yield of 3.20% [16] Group 8 - Zijing Mining expects a net profit of approximately 23.2 billion yuan for the first half of 2025, a growth of about 54% year-on-year [28] - Limin Co. anticipates a net profit of 26 million to 28 million yuan for the first half of 2025, a year-on-year increase of 719.25% to 782.27% [29] - Huazhong Securities expects a net profit of 1.035 billion yuan for the first half of 2025, a growth of 44.94% year-on-year [30]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [4][22]. Core Insights - The construction of zero-carbon parks is being accelerated, with the release of renewable energy power consumption responsibility weights expected by 2025 [1][17]. - The report highlights the increasing responsibility weights for renewable energy consumption across various provinces, with most provinces expected to exceed 20% by 2025 [17][20]. - The report emphasizes the importance of integrating renewable energy development with energy management systems to achieve carbon neutrality [22][23]. Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 1.11% and the environmental index by 3.17% [1][24]. - Within the electricity sector, coal-fired power increased by 0.41%, hydropower by 0.42%, and renewable energy generation by 1.05% [1][25]. Important Policies and Events - The National Development and Reform Commission, Ministry of Industry and Information Technology, and National Energy Administration issued a notice to accelerate the transformation of energy structures in parks and promote energy conservation and carbon reduction [15][16]. - Hainan Province's implementation plan for market-oriented reform of renewable energy grid prices includes a pricing structure for existing projects and competitive bidding for new projects [16] . Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [3][22]. - In the environmental sector, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted as potential investment opportunities [23][22]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, with an expected EPS of 0.46 in 2024 and 0.62 in 2025 [8]. - Longyuan Power: Outperform, with an expected EPS of 0.75 in 2024 and 0.85 in 2025 [8]. - China Nuclear Power: Outperform, with an expected EPS of 0.46 in 2024 and 0.50 in 2025 [8]. Industry Dynamics and Company Announcements - The report notes that the water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow [23]. - The report also highlights the potential for domestic waste oil recycling companies to benefit from the EU's SAF blending policy [23]. Industry Key Data Overview - In May, the industrial power generation increased by 0.5% year-on-year, with a total of 737.8 billion kWh generated [49][60]. - The total electricity consumption in May reached 809.6 billion kWh, reflecting a year-on-year growth of 4.43% [57][60].